Will designer brand men’s undies maker counter sue, we speculate?
You would have thought that most shareholders would have been happy with Apple’s recent financial performance. However, that apparently does not apply to one R. Andre Klein who has just accused Apple senior directors and officers of “breach of fiduciary duty, gross mismanagement, corporate waste, and breach of the duty of honest services.” The action has apparently been filed with the Us District Court for the Northern District of California, It could even impact those who currently benefit from the late Steve Job’s estate. It’s also not know whether a leading maker of men’s undies will counter use if Apple fanbois stop wearing its products as a result.
Now the whole thing seems to stem from an infamous document from 2009 generally referred to as the ‘Apple Hands Off (Do Not Call) list.
At the heart of this is an alleged Gentleman’s agreement amongst apple along with Adobe, Google and Intel, not to poach each other’s staff.
Klein seems to have taken heart from the fact that in a related court case, presided over by Judge Lucy Koh, she identified Jobs as “a, if not the, central figure in the alleged conspiracy,” based on witness depositions.”
to deny a proposed $324.5 million collective settlement offer. In the order handed down last week, Judge Koh i
the derivative shareholder complaint prepared by attorneys for plaintiff
Individual defendants, including Jobs and Cook, allegedly caused the company to violate antitrust laws, issue false and misleading financial proxy statements and stifle worker wages, according to the argument. As a result, Apple, which must be included alongside Klein and shareholders as a nominal defendant, was harmed by being forced into a time and asset consuming settlement with the U.S. Department of Justice in 2010, as well as an ongoing class action lawsuit leveled by a group of employees. Further, the company’s reputation suffered, as did innovation.
The defendants seem to believe that there were years of lost opportunities to hire more qualified employees who were employed at rival companies.
This is, of course, one of the best excuses for a lack of recent visible innovation from Apple, that GoMo News has ever encountered.